Are these applicants likely to be? cyclically, frictionally, or structurally? unemployed, and what would be the reason that most of them are? unemployed? Briefly explain.
What will be an ideal response?
Structurally? unemployed, because these applicants lack the skills required for the available jobs.
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If there are no externalities, a competitive market achieves economic efficiency. If there is a negative externality, economic efficiency will not be achieved because
A) a deadweight loss will occur that is equal to the area under the demand curve for the good. B) too much of the good will be produced. C) too little of the good will be produced. D) economic surplus is maximized.
What will happen when there is a rightward shift in the demand curve?
A) The product price will instantaneously adjust downward. B) Product prices do not change in this situation. C) Producers will decrease the product price. D) A new, higher price is not instantaneously achieved, but the price will rise over time.
The consumer surplus for a good will increase if the: a. demand for the good is perfectly elastic. b. market price of the good decreases
c. demand for the good is perfectly inelastic. d. market price of the good increases.
Refer to the above diagrams. Which of the following is a feasible rate at which X and Y might be exchanged?
A. 1X for 3Y
B. 1X for 1.5Y
C. 1X for 2.5Y
D. 1X for .5Y